The help on hand from your accountant

Your accountant can help you in a number of different ways, argues Paul Burton. Here, he lists five of the most important contributions they can make.

What exactly is your accountant there for? Providing a sounding board for your business plans? Offering you peace of mind? I think it’s both those things and a number of others besides. Here are just some of the reasons you need that trusted professional adviser on call:

  1. We give you time back

Time is a precious commodity for anyone running a business. Not to mention important for quality of life outside work too. By taking care of compliance issues, or taking responsibility for day-to-day processing, your accountant can free up valuable space for you to focus on things that really matter. We can also claw back some extra time by looking at your current ways of working and giving you tips on how to be more efficient.

  1. We remove those nagging worries

Have you filed your return by a particular date? Did you complete that HMRC form correctly? Your own strengths might lie elsewhere, in your creative flair or specialist skills. Leaving the day-to-day accountancy and administrative burden to people you know are experts in that field is very reassuring.

  1. We can provide useful insights

Very often, as a business owner, you’re going on a one-off journey. That means you’re dealing with everything for the first time. That first attempt at fundraising for instance, or a tricky commercial negotiation. Or perhaps you’re considering your plans for an ultimate exit from the business. We have seen these scenarios before and have helped other clients through them, which means we can offer practical advice and an impartial perspective.

  1. We can help make you more money

When we work on your accounts or conduct an audit, we gain an understanding of your business. This tells us what you’re doing well and what’s working less efficiently. If there’s an overspend, for example, we’ll be able to spot it for you. All in all, we play an important part in getting your finances into shape.

  1. We can become your trusted advisers and more

If your accountant is delivering on all of these points, they will soon become established as your trusted adviser, a position that will strengthen with time. And if you can share a drink with that adviser once in a while, it certainly doesn’t do any harm!